AIB plans to open 7 branches

JEDDAH — JCR-VIS, an affiliate of JCR Japan — one of the premier rating agencies of the world, has maintained the Al Baraka Islamic Bank Pakistan (AIB), one of Albaraka Banking Group's (ABG) units' entity rating of "A-1" for short-term and "A" for long-term, with stable outlook.

By Habib Shaikh

Published: Sun 29 Jul 2007, 8:52 AM

Last updated: Sat 4 Apr 2015, 10:23 PM

An AIB statement, made available to Khaleej Times here recently said that according to JCR-VIS, short-term rating of 'A-1' stands for "Obligations supported by a strong capacity for timely repayment", while the long-term rating of 'A' stands for "High credit quality: A ratings denote a low expectation of credit risk."

"The capacity for timely repayment of financial commitments is considered strong."

Adnan Ahmed Yousif, President and CEO of Albaraka Banking Group expressed his thanks to the management of AIB Pakistan branches for this excellent achievement. He said that the AIB Pakistan plans to open seven more branches in the country during 2007, to take its total network of branches to 18. Besides, the bank would also introduce two new consumer banking products, to add to its existing car and housing finance products.

The rating agency review of results as at December 3, 2006, points out that the ratings reflect that the bank has maintained its asset quality and an adequate risk absorption capacity. The total assets of the bank grew by 28 per cent.

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